Federal Reserve Chair: Fed hopes to ensure inflation is declining

On July 15th local time, Jerome Powell, Chairman of the Federal Reserve, spoke at the Washington Economic Club event, sharing his views on current inflation data and the economic situation. Powell stated that recent data has strengthened confidence in declining inflation. He emphasized that if the Fed waits for inflation to reach 2% before cutting rates, it would be waiting too long, but they are waiting for more solid data confirming that inflation is indeed decreasing.

Powell declined to provide any guidance on the timing of interest rate adjustments. He mentioned that he would not signal anything about rates, and decisions would be made "meeting by meeting" based on evolving data and outlooks. He anticipated a slowdown in US economic growth this year while expecting continued progress on inflation. Powell reiterated that the labor market is now in a "more balanced state," and unexpected weakness in the labor market would also be a reason to adjust rates.

He stated that he plans to remain in office until May 2026 and expressed his pleasure in serving as Chair of the Federal Reserve Board.

Powell also mentioned during the Q&A session that the Fed has begun using ChatGPT to generate potential questions that might be asked at press conferences but has not yet used it as a tool for formulating monetary policy.

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